Hershey reports drop in third quarter results

The US chocolate manufacturers The Hershey Company has reported a 66% drop in net income for the third quarter of 2007, as higher costs and a decrease in sales hindered its overall performance. Consolidated net sales were USD 1.399 bn, compared with USD 1.41 bn for the third quarter of 2006. Net income for the third quarter of 2007 was USD 62.7 m, compared with USD 185 m for the comparable period of 2006.



For the first nine months of 2007, Hershey’s consolidated net sales were USD 3.604 bn, compared with USD 3.607 bn for the first nine months of 2006. Reported net income for the first nine months of 2007 was 159.81 m, compared with USD 405.5 million in 2006.
“Throughout 2007, our top priority has been to restore momentum within the U.S.," said Richard H. Lenny, Chairman and Chief Executive Officer. "Against a backdrop of severe commodity cost pressures and strong competitive activity, we re maintaining this focus. In the third quarter we experienced improvements in key aspects of our portfolio.”